WestLB and Key Bank Renew $350 Million Credit Facilities for First Capital

BOCA RATON, Fla. & NEW YORK--(BUSINESS WIRE)--WestLB AG New York Branch, acting as Arranger and Agent, announced today its renewed commitment in an aggregate amount of $350 million to two secured credit facilities for First Capital, a leading commercial finance company.

“The repeated renewal of these financing facilities since 2005 by WestLB continues to support our profitable growth strategy and facilitates our lending to small and mid-sized businesses throughout the United States”

One facility is for USD 185 million and rated "A" by DBRS, while the second facility is for USD 165 million and rated "BBB (high)" by DBRS. The facilities fund the lending activities of First Capital, a commercial finance company. The underlying collateral for these facilities are primarily asset-based loans and factoring loan receivables to small and mid-sized businesses.

“WestLB remains committed to its clients and their financing needs,” said Matt Tallo, Executive Director with WestLB’s Asset Based Finance business in New York. “The renewal of these facilities illustrates the sound and robust partnership WestLB has developed with First Capital, a long-standing client of Asset Based Finance.”

Key Equipment Finance Inc., a wholly owned subsidiary of Key Bank N.A., is a participant in the “A” rated facility in the amount of $60 million. "Since initiating our First Capital relationship over two years ago we have increased the amount of our commitment annually as a result of the performance of First Capital and its portfolio. It is a true partnership," remarked Rian Emmett, a Director with Key Equipment Finance’s Lender Finance unit.

With approximately $900 million in assets under management, First Capital is one of the largest independent working capital lenders in the United States providing Asset-Based Lending and Factoring facilities to small and mid-sized businesses. First Capital’s clients typically have annual revenues ranging from $10-$100 million and have event-driven needs such as rapid growth or a turnaround.

“The repeated renewal of these financing facilities since 2005 by WestLB continues to support our profitable growth strategy and facilitates our lending to small and mid-sized businesses throughout the United States,” said Lee Wilson, President and CEO of First Capital.

“We are pleased that WestLB and Key Equipment Finance continue to support First Capital,” added Glen Stein, Chief Capital Markets Officer of First Capital. “We’re also delighted that WestLB and Key increased their commitment maturity from one year to two years. Today, less than 15% of First Capital’s total debt matures before the summer of 2013. That’s a significant improvement from this time in 2009 and 2010, when a majority of our debt came due each year.”

About First Capital

First Capital is a specialized commercial finance company positioned to enable entrepreneurs to achieve their goals through working capital lines of credit typically ranging from $3-$15 million in the form of Asset Based Lending and Factoring. A team of approximately 200 professionals is committed to understanding our clients’ business plans and providing timely and consistent funding decisions. Our size and scope make First Capital the preferred working capital partner -- small enough to build deep personal relationships and big enough to deliver the ideal solutions. Our commitment is to build long-lasting, mutually-beneficial relationships with clients and their advisors. First Capital differentiates itself from competitors with a performance-based culture and values-driven focus that provides the foundation for our growth and will continue to guide our vision for the future. Headquartered in Boca Raton, Florida, the firm has additional full-service offices in New York, Los Angeles, Atlanta and Oklahoma City with sales offices located across the United States. For more information, please visit www.firstcapital.com.

About WestLB

WestLB AG is one of Germany´s leading financial services providers and offers the full range of products and services of a universal bank, focusing on lending, corporates and structured finance, capital market and private equity products and transaction services. WestLB has total assets of €191.5 billion, as of December 31, 2010. For more information, please visit www.westlb.com.

In the United States, certain securities, trading, brokerage and advisory services are provided by WestLB’s wholly owned subsidiary WestLB Securities Inc., a registered broker-dealer and member of the NASD and SIPC.

About Key Equipment Finance

Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. The company focuses on four distinct markets:

• Businesses of all sizes in the U.S. (from small business to large corporate);
• Equipment manufacturers, distributors and value-added resellers worldwide;
• Federal, provincial, state and local governments as well as other public sector organizations; and
• Lease advisory and syndications support for corporations looking to optimize risk and revenue.

Headquartered outside Denver, Colorado, Key Equipment Finance manages a $9 billion equipment portfolio with annual originations of approximately $3 billion. The company has major management and operations bases in Albany, New York; London, England; Hong Kong, China and Sydney, Australia. The company, which supports clients in over 40 countries, employs over 700 people worldwide and has been in the equipment financing business for over 35 years. Additional information regarding Key Equipment Finance, its products and services can be found on their web site.

Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $94 billion. Key companies provide investment management, retail and commercial banking, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information about Key, visit www.key.com.